Chinese city begins accepting central bank digital currency for fare payments on all buses

Public transportation users in the Chinese city of Jinan can now use the country’s central bank digital currency (CBDC) to pay their fares on any of the area’s buses.

The move follows a successful pilot and an update to software and card readers across Jinan Public Transport’s bus network, Chinese news publication e23 reports.

To promote adoption of the new payment method, for a limited time passengers opting to use the digital currency will pay just 0.01 yuan per ticket for rides priced at up to 2 yuan and 1.99 yuan for fares costing more than 2 yuan.

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